Treharne - Rise and Fall Page 2

..Thursday, May 20, 1954 . The Rise and Fall Of E. P. Insurance Man (Continued from Pane One) $294,045.37 in admissable assets, debts amounting to $740,469.57—and a deficit of $436,424.20. Down—bit Not Out Thing* looked dark Indeed for Mr. Treharne. But even as the attorney general was investigating, investigating, Mr. Treharne was active. He was busy forming another insu>- ance company—this time a life Insurance Insurance company known as United World Life Insurance Co. To do this, he simply showed the insurance commission he had on deposit in an El Paso bank $25,000 in a guarantee fund, and a $12,500 surplus. He got his charter —and had time to write 76 health and accident policies. The attorney general found later that of the 537,500 used to start the new -company, $35,000 had been borrowed shortly before the company company was formed—in clear violation violation of the insurance commission's them over to the state for liquidation. liquidation. He issued an injunction ordering ordering Treharne to stop doing business with his other companies. How About PoUcy-Uoldcrs? The liquidator moved in. He took four of Treharne's automobiles—but allowed Trehame to keep the Lincoln—the Lincoln—the airplane, and a host of office furniture that included such (exotic items as Chinese figurines', a table television set, a box full of ceramics, Buddah figurines, $560 worth of wall-to-wall carpeting, a 'brass spittoon and draw drapes. What of the policy holders. Thirty thousand of them, of course, don't know what, if anything, anything, they'll get back of the hard- earned dollars they pumped into United Lloyd's and United World Life Insurance Co. That's up to the liquidator to determine after he sells the property he confiscated. But Treharne' lives easily today. iNow a Roller Rink Owner The attorney general moved in. He asked an Austin district court to declare both companies insolvent and to place them in receivership. Even now, Treharne was n't beaten. . A Bid for Movie Money With the net closing in around him, Treharne went to a friend of his wife's—Movie Queen Linda Darnell, Darnell, who owned a summer home al Pichacho, N. M. They talked in Dallas w w <?re they dined at the Adolphus Hotel as lie explained he wanted her to invest invest in a new company. He bought her a gun—not for protection—but, as he put it, "just to give her a little gift." The effort proved futile. Miss Darnell wasn't having any. Back to Hollywood she went •— without having invested a penny in the new company. Things moved swiftly after that. The Austin court declared both companies bankrupt and turned to the Ruidoso summer home (no longer a company retreat) to live with his wife. Today, to earn a living, he operates operates a roller skating rink, occasionally occasionally makes calls to his friend, General Sanders, and denounced the powers that, put him in bankruptcy ("It's just a bunch o£ politics.") Treharne could go into the • insurance insurance business again—and maybe maybe this time he'd make a go of it. jAftcr all, there's no law in Texas ; that says he can't. I WRONG TARGET *.Bij United Press j KAN KKANCISCO, May 20. — I Apartment house manager Milton Vank told police yesterday how he and tenant James Parker ambushed a prowler and then let him get away. "I fired one shot," Vank said. '•But I hit my friend, Parker." Friend Parker verified the story from a standing position—a position position he intends to maintain until the wound heals. I

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